Whole life insurance plan, a type of life insurance policy, provided by life insurance companies, explained in less than a minute.
Unlike most life insurance plans that provide life insurance coverage for a period of time or a term, a whole life plan covers you for your entire life. In whole life policies, you pay premium up to a certain age called the “maturity age” or for a specified period of time. After that, you have the option of encashing your maturity benefits and bonus. Or, you can continue to have your life insurance cover without paying any more premiums.
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